GE Vernova Eyes $200B Backlog Early in 2027 as Power Demand Surges

GE Vernova expects to reach its $200 billion backlog target early in 2027, up from $176 billion at the end of the second quarter, driven by durable demand for power-generation, grid and electrification equipment. Gas turbine demand is accelerating: the company added 12 gigawatts of capacity for 2030–31, with all of it in contracting stages, and aims to increase quarterly production from 5 gigawatts to 6 gigawatts in the second half of 2027. Electrification and services provide major long-term growth opportunities, including a $45 billion Electrification backlog, more than $5 billion in data-center orders during the first half of 2026, and an expected $100 billion in future HA turbine services revenue by the end of 2027.

GE Vernova NYSE: GEV expects to reach its previously stated $200 billion backlog target early in 2027, supported by continued demand for power-generation and electrification equipment, Chief Executive Officer and President Scott Strazik said at Morgan Stanley’s Laguna Conference. The company ended the second quarter with a $176 billion backlog. Strazik said GE Vernova expects strong third-quarter orders and views the $200 billion threshold as an early milestone rather than an endpoint, citing the global need for additional electric power and the company’s position across generation, grid equipment and services.

“We continue to see very strong and durable demand with our end products,” Strazik said. He also pointed to factory automation and robotics investments, along with the use of data and artificial intelligence to support the company’s installed base, as long-term growth opportunities.

In its Power segment, GE Vernova has continued to add capacity and secure customer commitments for gas turbines. Strazik said the company sold multiple delivery slots for 2032 since its second-quarter earnings call and added 12 gigawatts of supply capacity for 2030 and 2031 over the summer. That additional capacity has received a strong market response at premium pricing, he said, with all 12 gigawatts in some stage of contracting.

He said the company recorded 40 gigawatts of new contract commitments in the first half of the year. While GE Vernova expects second-half commitments to be below that pace, Strazik said its prior outlook of about 20 gigawatts for the second half could prove conservative. He expects the fourth quarter to produce more contractual commitments than the third quarter.

GE Vernova expects to reach a 5-gigawatt quarterly production run rate in both the third and fourth quarters. Strazik said the company is highly confident it can increase production to 6 gigawatts per quarter sometime in the second half of next year and eventually reach 7 gigawatts per quarter in 2028. Rather than building new greenfield factories, the company is adding equipment to existing facilities and applying lean operations, automation and robotics, Strazik said. He added that GE Vernova could potentially accelerate the capacity timeline if internal execution exceeds its external commitments.

On the debate over data centers using grid-connected power versus onsite generation, Strazik said GE Vernova can serve both markets. The company placed 61 aeroderivative turbines under contract in the second quarter, including units suited for smaller behind-the-meter applications. However, he said the company expects most data centers to ultimately connect to the grid because of the affordability and resilience benefits.